Gold prices edged lower as investors look forward to the upcoming statement from Fed chair Janet Yellen later this week on the vigor of the economy and
Gold prices edged lower as investors look forward to the upcoming statement from Fed chair Janet Yellen later this week on the vigor of the economy and the Fed’s monetary policy stance.
Technical outlook
Yesterday gold prices were under selling pressure and continued to reach their low at $1204. Today, gold is trading at 1209.00 down 0.32%.
Gold 4H Chart
Some traders hope that gold will not break $1200. However, a strong bearish sentiment will push prices below the psychological price. Note that $1215-$1217 will be a massive resistance and might be a good selling opportunity.
Gold remains in a bearish trend and a break below $1200 will push prices towards $1195-$1984. On the other hand, a shift in market sentiment might create a trend reversal towards $1230 area.
